Core Insights - Artisan Mid Cap Fund's fourth-quarter 2025 investor letter highlights the performance of the fund and its investment strategy focused on companies with strong earnings and franchise characteristics [1] - The fund's Investor Class, Advisor Class, and Institutional Class delivered returns of -0.44%, -0.37%, and -0.35% respectively, compared to a -3.70% return for the Russell Midcap® Growth Index [1] Company-Specific Insights - Waters Corporation (NYSE:WAT) is identified as a key investment, specializing in analytical workflow solutions, particularly in liquid chromatography and mass spectrometry [2][3] - As of February 23, 2026, Waters Corporation's stock closed at $327.78, with a one-month return of -15.97% and a 52-week loss of 13.93%. The company has a market capitalization of $32.15 billion [2] - The fund increased its position in Waters Corporation due to strong quarterly results and expectations of growth driven by a rebound in pharmaceutical demand, an instrument replacement cycle, and favorable regulatory trends [3] Market Position and Hedge Fund Interest - Waters Corporation is held by 47 hedge fund portfolios at the end of the fourth quarter, an increase from 42 in the previous quarter, indicating growing interest among institutional investors [4] - Despite the potential of Waters Corporation, the fund suggests that certain AI stocks may offer greater upside potential and lower downside risk [4]

MILFORD, Mass., Feb. 23, 2026 /PRNewswire/ -- Waters Corporation (NYSE:WAT) announced that Udit Batra, Ph.D., Waters President and Chief Executive Officer, will participate in a fireside chat at the TD Cowen Health Care Conference on Monday, March 2nd, 2026, at 11:10 AM Eastern Time. A live webcast of the event will be available on the 'Events & Presentations' section of Waters Investor Relations website at https://ir.waters.com. A replay of the webcast will be available for 90 days. About Waters Corporati ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-14010 Waters Corporation (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 34 Maple Street Mil ...

Milford, Massachusetts-based Waters Corporation (WAT) provides analytical workflow solutions. Valued at a market cap of $19.6 billion, the company specializes in analytical laboratory technologies, particularly liquid chromatography (LC), mass spectrometry (MS), and thermal analysis systems used for testing and measuring chemical, biological, and pharmaceutical substances. This healthcare company has lagged the broader market over the past 52 weeks. Shares of WAT have declined 13.2% over this time frame, ...

Core Insights - Waters Corporation has launched next-generation 1 mm I.D. liquid chromatography (LC) columns featuring MaxPeak Premier Technology, which enhances sensitivity while reducing sample and solvent usage significantly [1][2] Group 1: Product Features - The new microflow LC columns reduce solvent consumption by up to 4 times compared to 2.1 mm I.D. columns, aiding laboratories in achieving sustainability goals and lowering operating costs [1] - These columns utilize up to 75% less sample than 2.1 mm I.D. columns, conserving valuable materials in fields like cell and gene therapy [1] - The sensitivity of the new columns is up to 2 times higher than that of stainless steel microflow columns, improving detection and quantitation limits across various applications [1] Group 2: Technological Advancements - The MaxPeak High Performance Surface (HPS) Technology minimizes nonspecific adsorption and enhances recovery for small molecules, peptides, and oligonucleotides [1] - The new columns provide sharper peaks, enhanced peak capacity, and reduced peak tailing, ensuring highly reproducible performance from the first injection [1] - Transitioning from 2.1 mm I.D. analytical-scale LC columns to these microflow formats allows for equivalent or improved sensitivity while using only one-quarter of the solvent and sample [1] Group 3: Market Impact - The introduction of these columns is expected to accelerate and simplify the development of life-changing therapies in high-throughput pharmaceutical and biopharmaceutical laboratories [1] - The new product will be available globally starting February 17, 2026, with immediate shipment [1]

Core Insights - Waters Corporation (WAT) reported fourth-quarter 2025 non-GAAP earnings of $4.53 per share, exceeding the Zacks Consensus Estimate by 0.67% and reflecting a year-over-year increase of 10.5% [1] - Net sales reached $932.4 million, surpassing the Zacks Consensus Estimate by 0.55%, with a reported increase of 7% and a 6% increase on a constant currency basis year over year [1] Segment Performance - The Waters segment generated sales of $823.9 million, up 8% on a reported basis and 7% on a constant currency basis year over year, while the TA segment reported sales of $108.4 million, remaining flat year over year [2] - Instrument sales were $432.9 million, up 3% year over year, Services sales were $329.1 million, increasing 9% year over year, and Chemistry sales were $170.3 million, growing 13% year over year [3] Market Performance - The Pharmaceutical market generated sales of $540.6 million, an 8% increase year over year, while Industrial sales were $284.5 million, also up 8% year over year. Government & Academic sales decreased by 2% to $107.3 million [4] - Sales in Asia reached $283.9 million, up 4% reported and 11% at constant currency, while the Americas reported sales of $332.4 million, increasing 4% in both reported and constant currency terms. Europe generated sales of $315.9 million, a 13% increase reported and 4% at constant currency [5] Operating Details - Non-GAAP selling and administrative expenses were $191 million, up 13.3% year over year, with an increase of 120 basis points as a percentage of net sales. Research and development expenses were $50.1 million, up 8.3% year over year [6] - The adjusted operating margin was 35.2%, contracting by 20 basis points year over year [6] Financial Position - As of December 31, 2025, cash and cash equivalents were $587.8 million, up from $459.1 million as of September 27. The company generated cash from operations of $164.5 million and reported a free cash flow of $125.2 million [7] Guidance - Waters expects first-quarter 2026 sales growth between 7% and 9% on a constant currency basis, with organic reported sales projected between $718 million and $731 million, and full-year sales expected between $3.35 billion and $3.40 billion [8][9] - Non-GAAP earnings for the first quarter are anticipated to be in the range of $2.25 to $2.35 per share, indicating year-over-year growth of approximately 0.0% to 4.4% [9]

Core Viewpoint - Waters Corporation has completed the merger with BD's biosciences and diagnostic solutions business, resulting in the establishment of four business divisions. However, the stock price has seen a significant decline post-merger [1]. Stock Performance - The stock price has dropped by 14.94% over the past week, reaching a low of $305.35 on February 12, marking a 60-day low. A slight rebound occurred on February 13, with the price rising to $324.32, an increase of 1.40% [3]. - Trading activity increased post-merger, with an average daily trading volume of approximately $1.14 billion from February 9 to 11, and a single-day trading volume of $1.219 billion on February 10, reflecting heightened market volatility [3]. Financial Report Analysis - The financial report for fiscal year 2025, released on February 12, shows total revenue of $3.165 billion, a year-on-year increase of 6.99%, with a slight net profit increase of 0.75%. However, Q4 revenue was $932 million, with a year-on-year net profit decline of 2.67% [4]. - The gross margin for the year was 57.77%, with operating cash flow of $653 million. Growth was driven by the pharmaceutical business, particularly in the Chinese market, which saw over 20% growth, and emerging products like PFAS testing and GLP-1 related revenues. However, short-term integration costs may pressure profit margins [4]. Institutional Perspectives - Following the merger, several institutions have updated their target prices, ranging from $350 to $440. Citigroup and Barclays have upgraded to "Buy," while Bank of America has lowered its target price to $350, maintaining a "Hold" rating, indicating market divergence regarding integration outcomes and growth trajectories [5].

Core Viewpoint - Waters (WAT) has experienced significant selling pressure, resulting in a 19% decline over the past four weeks, but analysts anticipate better earnings than previously expected, indicating potential for recovery [1]. Group 1: Technical Analysis - The Relative Strength Index (RSI) is utilized to determine if WAT is oversold, with a current RSI reading of 23.31 suggesting that selling pressure may be exhausting, indicating a possible price rebound [2][5]. - RSI is a momentum oscillator that ranges from 0 to 100, with readings below 30 typically indicating an oversold condition [2]. - Stocks oscillate between overbought and oversold states, and RSI helps identify potential reversal points, making it a useful tool for investors seeking entry opportunities [3]. Group 2: Fundamental Analysis - Analysts have raised earnings estimates for WAT by 1.1% over the last 30 days, reflecting a strong consensus among sell-side analysts, which often leads to price appreciation [7]. - WAT holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate trends and EPS surprises, further supporting the potential for a near-term turnaround [8].

Core Insights - Becton, Dickinson and Company (BDX) has completed the spin-off of its Biosciences & Diagnostic business, merging it with Waters Corporation, marking the conclusion of a strategic transaction [1][8] Transaction Details - BD shareholders will receive 0.135 shares of Waters common stock for each BD share held as of February 5, 2026, with cash for any fractional shares [2] - BD received $4 billion in cash proceeds from the transaction, which will be allocated for share repurchases and debt reduction [6][10] Strategic Focus - The merger aligns with BD's 2025 strategy, positioning the company as a focused MedTech organization in response to healthcare trends [3][6] - BD has reshaped its portfolio by divesting non-core assets and making over 20 targeted acquisitions, enhancing its presence in high-growth healthcare segments [4][7] Market Performance - Following the announcement, BDX shares have declined by 17.2%, with a 10.8% decrease over the past six months, contrasting with industry growth of 26.7% and the S&P 500's 11.6% rise [5] Future Outlook - The completion of the transaction is expected to strengthen BD's strategic focus and enhance growth visibility, with plans to utilize the $4 billion proceeds for shareholder value creation [6][10] - BD aims to drive revenue expansion and improve cash flow by concentrating on connected medical devices, AI technologies, and chronic disease solutions [7][11]

Core Viewpoint - Evercore ISI has resumed coverage of Waters (WAT) with an In Line rating and a price target of $360, following a 13% decline in shares after the Becton Dickinson (BDX) Life Sciences transaction due to mixed results and cautious guidance [1] Group 1 - The analyst highlights that the current debate revolves around management's confidence in the merits of the deal versus short-term concerns [1]